By IWB,

The numbers: The U.S. trade deficit in goods topped $1 trillion in 2021 for the first time ever, as an economic recovery enabled Americans to snap up a record amount of imports such as toys, cell phones and appliances.

For all of 2021, the trade gap in goods rose to $1.08 trillion from $893.5 billion in the prior year. The deficit in 2020 had also been a record high.

The deficit in goods increased 3% in December to $101 billion from $98 billion, according to an advanced government estimate. It was the biggest monthly increase on record.

Debt Up $2 Trillion in 1 Year of Biden

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When President Joe Biden was sworn in on Jan. 20, 2021, the federal government’s debt stood at $27,751,896,236,414.77.

When his first year in office ended on Jan. 20, 2022, it stood at $29,867,021,509,573.92.

That means that during Biden’s first 12 months in office, the federal debt grew by more than $2 trillion — or $2,115,125,273,159.15 to be exact.

How do you put that in perspective?

The United States of America had existed for 210 years — and 40 presidents had served as this nation’s chief executive — before the debt first topped $2 trillion in 1986.

On Jan. 1, 1790, when President George Washington was serving his first year in office, the total federal debt was $71,060,508.50, according to data published by the U.S. Treasury.

By Jan. 1, 1835, when President Andrew Jackson was in his second term, it had actually dropped to $33,733.05. He then paid it off entirely.

 

Source: https://www.investmentwatchblog.com

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